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Alleged N240bn Scam: 20 Nigerians File Suit Against Oil Magnate Akintoye Akindele as Bribery Trial Begins October 3

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More than twenty notable Nigerians are getting set to commence a class action against Lagos based oil Magnate and former Managing Director of Duport Midstream Company Limited, Atlantic Refineries and Chairman of Platform Capital, Mr Akintoye Akindele, over alleged scam, running to over $150 million (over N240 billion).

Media Practitioner, Lere Olayinka, who spoke to journalists on Saturday, on behalf of the victims disclosed that a senior lawyer based in Abuja is said to have been briefed by some of the victims.

This is coming a few weeks before his trial in Lagos for alleged diversion of $5,636,397.01, and N73,543,763.25, belonging to Summit Oil International Ltd, and bribery of the Police with N150 million.

The trial, which was moved to Lagos from Abuja in May, this year, will begin in Lagos on October 3.

“The trial of Akindele for allegedly bribing the Police with the sum of N150 million to stall their investigation will begin in Lagos on October 29,” a source in the known told our reporter.

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Justice James Kolawole Omotosho of the Federal High Court, Abuja, had on May 9, 2024, ordered that the trial of Akindele in an alleged $5.6m fraud be moved from Abuja to the Lagos division of the court.

Akindele and his company are standing trial on a four-count criminal charge bordering on alleged diversion of $5,636,397.01, and N73,543,763.25, belonging to Summit Oil International Ltd, founded by the Late Philanthropist and Politician, Chief Moshood Abiola.He is also facing prosecution for allegedly bribing the police with N150 million to stall their investigation.

More than 20 notable Nigerians are gearing up for a Class Action against a Lagos Big Boy and Managing Director of Duport Midstream Company Limited, Akintoye Akindele, over alleged scam, running to over $150 million (over N240 billion). A senior lawyer based in Abuja is said to have been briefed by some of the victims.

As he will facing two trials next month, Olayinka told Daily Post that victims of his the various scams he allegedly perpetrated in the past are coming together for a class action against him.

He disclosed that one of the victims, a notable player in the oil industry initiated the move for the class action, and opened a WhatsApp Platform to coordinate other victims.

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In law, Class Action allows one or more persons (plaintiff) to sue on his or her own behalf and on behalf of a number of persons (class) who have a claim to a remedy for the same or similar alleged wrong.

In recent time, Akindele has been in the eyes of storm with accusations and counter accusations bothering on misappropriation of funds, alleged shares racketeering, manipulating boards decision among other allegations.

On March 1, this year, a Federal High Court in Abuja had ordered the remand of Akindele, at the Kuje correctional centre in the nation’s capital. Justice James Omotosho, ruled that Akindele should remain in custody till March 20, when the court will consider documents confirming the perfection of the bail granted him earlier.

Akindele and his company, the second defendant in the suit marked FHC/ABJ/CR/570/2023, were said to have committed the act between 2017 and 2021 when they allegedly converted the said sum received from Shell Petroleum Company into personal use.

Olayinka said; “I am aware that he is also being investigated by the Economic and Financial Crimes Commission (EFCC) for allegedly collecting $35 million from the Nigerian Content Development and Monitoring Board to build a refinery in Brass, Bayelsa State.

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“All of the $35 million has been spent, yet there is nothing to show for it. No refinery, no buildings, nothing!”

The story of the seeming collapse of Akindele’s alleged house of fraud started when he was arrested by the Police in Abuja, early this year, for allegedly fleecing Duport Midstream Company Limited of $25 million, part of which a sum of $5.6 million belonged to Summit Oil International. He has been in and out of the court since then.

On August 16, 2023, Music Entrepreneur, Lanre Dabiri, otherwise known as Eldee Tha Don, told the public how Akindele used a venture capital vehicle, Platform Capital to collect funds from investors while he, without suspecting any at the time, acted as face and voice of the brand without the promised injection of funds.

“Sheyman, the artist, producer and entrepreneur, introduced me to a man by the name, (Akin)Toye Akindele who at the time had a capital advisory firm. What do they do? They look for business, invest in businesses, and fund those. The thing for me at the time was ‘Oh, you have this thing going on, you got these artists, you’ve got the music, let’s partner and set up a bigger entertainment entity which was IMAN Entertainment.

“They said they would put in so so million dollars, do this, do that blab bla. So I am on the board, unknown to me, as it is said, what essentially was happening was him and his partners at the capital advisory firm, had people who were funding what was supposed to be Iman Entertainment.

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“However, Iman Entertainment was not getting money but Eldee, who was the face of Trybe and IMAN, was basically everywhere trying to hold it all together.

“I had to pay money from my pocket, it affected relationships that I had, I get a little emotional about it now. And that’s because there were people caught in-between. The artists, the staff, the businesses, vendors and more. I kept telling them money would come. I had to dip into my accounts in the United States, dip into my accounts in Nigeria.

“Akindele and his partners kept assuring us. Where you were supposed to get $1 million, you get $10,000. It went on until he got into trouble and he went on to float another entity to continue his business,” Eldee said.

Another of the scam involving Akindele was the Accord Savings and Loans saga of 2013 and 2012.

“Sometimes in 2012, Akindele set up a structure to obtain a Mortgage Bank License. He collected money from various people as deposit for shares, but never obtained a license and the deposits for shares developed wings and flew away.

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“One of the depositors demanded for his money and reported the case to the Special Fraud Unit (SFU) of the Nigeria Police. Akindele was invited but he left the country. When he returned, he was hiding in his house. The police had to break in through his roof to his bedroom to arrest him. He transferred some assets as repayment to that depositor but other depositors never got back their monies,” another victim lamented.

Another victim narrated, “between 2015 and 2028, Akindele and his partner Ayo Arogbo raised two private equity funds totaling $350 million.

“The funds were supposed to invest in growth businesses but Akindele instead started creating shell companies, investing the funds monies in them and taking the monies out back end.

“His partner reported this to the investors in the fund, who asked him (Akindele) to resign and subsequently wound up the fund.

“Today, Akindele is well know in the venture capital and private equity space as the man who single handedly nearly destroyed that market by making it near impossible for new entrants to raise Private Equity (PE) funds as investors are weary of Nigerians.”

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One vehicle that has been used consistently by Akindele was Platinum Capital. He used Platinum Capital to raise millions of dollars from unsuspecting Nigerians.

The modus is to collect deposits from individual and corporate bodies with various tenors.

A close friend of one of the victims said; “In some cases, he promised them shares in certain companies and mouth watering returns and with this, many people had been defrauded of over $100 million.

“We have information from some people that he has collected over $40 million from in total. He has refused to pay them any returns or even repay the deposits at maturity. He’s been lying to them that he is expecting some monies from which he’ll repay them.

“Amongst them are about $10 million Private Equity fund in Botswana, $2 million from a close friend, another $1.5 million from a close friend, $4.7 million A Miri Lending Fund and N1.3 billion and $5 million from Staff of an International Oil Company, the list is endless.

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Reduction in fuel pump price to reflect at filling stations within the week – PETROAN

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petrol

The Petroleum Products Retail Outlets Owners Association of Nigeria, PETROAN, has urged Nigerians to expect a reduction in the pump price of the product within the week.

It should be recalled that last week, the Nigerian National Petroleum Company Limited, NNPCL, and the Dangote Refinery reduced the ex-depot price of petrol to N899 per litre in Lagos.

PETROAN President, Billy Gilly-Harry, spoke on when the price change will take effect while appearing on Monday’s edition of Channels Television’s breakfast show, Sunrise Daily.

“But I believe from today when members start loading from both NNPC and Dangote at this new price reduction, it will reflect in the market.

“But also I’ll give kudos to some of our members, some of the leaders in PETROAN, you know, that have done so well, especially in Abuja, for even reducing their prices to below N1,000 before even this announcement.

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“So, we don’t encourage our members to try to sell products at a loss because our focus is to serve Nigerians. And the only way we can serve Nigerians is when we have the resources to be able to do that.

“The resources can only be there if we’re making marginal profit enough to pay for the cost of money and make sure that we continue to do business. So, never mind, you’ll see the translation of this reduction of prices in the retail outlets hopefully within the week,” he said.

According to him, the inability of members to sell in line with the new ex-depot price is due to some of them having old stocks that were bought at higher prices.

The PETROAN boss commended Dangote Refinery and NNPCL for the reduction in the price of the commodity.

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Fuel to sell N935 per litre nationwide from Monday – IPMAN

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The Independent Petroleum Marketers Association of Nigeria, IPMAN, has announced that the pump price of petrol will reduce to N935 per litre by Monday.

The development, according to IPMAN, follows the marketers’ new deal with Dangote Refinery.

IPMAN National President, Alhaji Maigandi Garima, who made this known on Sunday in Abuja, commended the Dangote refinery for the development.

According to him, the new price was necessitated by the reduction in Dangote Refinery’s fuel ex-depot price and uniform arrangement, which would enable marketers to sell at N935 in their outlets nationwide.

Gatekeeper recalls that Dangote Refinery recently announced a reduction in fuel price by 7.27 per cent from N970 per litre to N899.50 per litre at its loading gantry and provided generous credit terms to marketers.

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In a bid to ensure that the price reduction gets to the consumers, Dangote Refinery signed a partnership with MRS to sell petrol from its retail outlets nationwide at N935.

The price reduction which is designed to alleviate transport cost during the festive period and beyond, has already commenced in Lagos, and will be applicable nationwide from Monday.

“Dangote Refinery has brought another new arrangement of loading and pricing by which marketers would pay a fixed ex-depot price of N899. 50k.

“The refinery is running a programme whereby it wants the fuel consumption across the country to be at the same rate. We are expecting the new arrangement to kick-start on Monday.

“We have been loading from the Dangote Refinery and the refinery is saving us in this festive period,’’ the IPMAN leader said.

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Garima said the competition being witnessed in the downstream sector at the moment would see the price of fuel dropping continuously.

He recalled that during the 2023 Yuletide, a litre of fuel was sold at N2000 in the northern and eastern parts of the country because fuel was being imported at that period.

He noted that the highest price fuel is being sold in the areas currently is N1,100, because refineries are working in the country.

He equally commended the Naira for the crude swap deal, adding that it is good for the growth of the economy.

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Embracing Tax Reform: A Call to action for Nigeria’s Youth

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By Dare Ojepe

At this significant crossroads, the future prosperity of Nigeria heavily relies on visionary reforms and active civic participation. One such critical reform, currently being pursued by President Bola Tinubu, involves the restructuring of our nation’s tax system—a move that promises to lay the foundation for sustainable economic growth and enhanced socio-economic equity.

Let us begin with the essence of the reform. These changes are not just about numbers and policies; they represent a transformative vision for our country; one where resources are judiciously managed, and opportunities are equitably distributed among all Nigerians, especially the youth, who are the backbone of our nation.

Driving Economic Growth

The proposed tax reform is designed to foster an economic environment where businesses can thrive and innovation is encouraged. By broadening the tax base and ensuring efficiency in collection, the government aims to create a more stable economic foundation. This stability is crucial for attracting domestic and international investments, which, in turn, translate to increased job opportunities, particularly for young Nigerians entering the workforce.

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Enhancing Public Service Delivery

The link between tax reform and effective public service delivery can not be overstated. With better compliance and fairer distribution, tax revenues can significantly boost funding for essential services such as education, healthcare, and infrastructure. Imagine schools with state-of-the-art facilities, hospitals with modern equipment, and roads that connect our nation seamlessly, all attainable with the right fiscal policies and when government can mobilise enough revenue to deliver on them. As it currently stands, Nigerian government is unable to mobilise tax revenue to fund our development compared to our peers in Africa like South Africa, Kenya, Algeria, Egypt, Angola and Ethiopia where government tax to GDP ratio is well over 18%.

Empowering Youth and Entrepreneurs

One of the exciting aspects of these reforms is the focus on creating a supportive environment for youth entrepreneurship. The reforms include some tax exemptions for businesses with annual turnover of less than fifty million naira, which significantly benefits budding entrepreneurs. This measure encourages startups and small enterprises, enabling young Nigerians to transform their innovative ideas into flourishing businesses without the immediate pressure of financial burdens.

Furthermore, the reform proposes some tax exemptions for employees whose annual income is less than ten million naira. This initiative directly impacts young professionals entering the workforce, allowing them to save more and invest in their future, thereby enhancing their economic stability.

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Ensuring Transparency and Accountability

At the heart of any effective reform is transparency. The proposed changes include measures to enhance accountability in tax administration, ensuring that every naira collected is directed towards meaningful development projects. This approach aims to build public trust and foster a civic culture where contributing to national growth is seen as a collective responsibility.

A Call to Action

To the vibrant youth of our nation, your role in this transformation is indispensable. We urge you to engage in this dialogue, to understand the nuances of these policy shifts, and to advocate for transparent and equitable reforms. Your voices, your ideas, and your actions are essential in driving this change and securing a prosperous future for all.

Let us unite with purpose and determination, embracing these reforms not as mere policy adjustments but as the stepping stones to a brighter Nigeria. Together, we can create an enduring legacy of prosperity and equity for generations to come.

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-Ojepe is the Senior Special Assistant to the President on Youth Engagement_

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